Central Asia Business Media Digest

Kazakhstan's growth edged up to 4.5% in January–October on manufacturing and construction, Uzbekistan's reserves fell for a second month on lower gold prices, and Kyrgyzstan reported budget revenue above plan.

Kazakhstan: GDP growth rises to 4.5% in January–October

Kazakhstan's GDP grew 4.5% in the first ten months of 2026, slightly faster than in January–September, according to the Ministry of National Economy. Non-commodity sectors rose 5.6%; manufacturing growth increased from 8.6% to 9.3%, led by pharmaceuticals (50.9%), fabricated metal products (30.4%), machine building (22.2%) and chemicals (21.9%), while construction grew 13.1% and transport and warehousing 7.5%. Demand indicators are weaker: the October PMI cited by Kursiv rose to 49.4 but stayed below the 50 threshold, and the minister had earlier named lower oil output, a stronger tenge and slower consumer lending as constraints.

Source: Kursiv, 10 Nov 2026

Uzbekistan: reserves fall to $63.6 billion as gold prices decline

Uzbekistan's international reserves fell by $2.96 billion (4.5%) in October to $63.63 billion on 1 November, the lowest level since December 2025, according to Central Bank data; the central bank put the effect of lower gold prices at minus $3 billion. Physical gold holdings rose to a record 14.58 million troy ounces (about 453.5 tonnes), while foreign-currency assets fell by $921 million to $5.01 billion, the lowest since the series began in 2013, lifting gold's share of reserves to 91.2%. Reserves remain about $4.29 billion higher than a year earlier; the central bank has said it is gradually diversifying reserves to reduce dependence on precious-metal price swings.

Source: Gazeta.uz, 9 Nov 2026

Kazakhstan–China gas pipeline JV earns $1.1 billion as transit volumes fall

Asian Gas Pipeline, owned 50/50 by QazaqGaz and a subsidiary of China National Petroleum Corporation, reported 2025 profit of 568.4 billion tenge ($1.1 billion at the National Bank rate of 502.57 tenge per dollar on 31 December 2025), down 12.8% from 652.2 billion tenge, according to its financial statements. Revenue rose 4% to 928 billion tenge, of which 831.8 billion came from gas transit, while transported volumes fell from 45.1 to 42.9 billion cubic metres. About 90% of revenue came from PetroChina International, and dividends paid in 2025 totalled 651.4 billion tenge.

Source: Kursiv, 9 Nov 2026

Kyrgyzstan: budget revenue exceeds plan, PMI at 58.7

Kyrgyzstan's republican budget revenue reached 669.6 billion som in January–October 2026, 2.7% (17.3 billion som) above plan, according to a cabinet meeting chaired by Adylbek Kasymaliev. The State Tax Service collected 288.5 billion som and the customs service 155.6 billion som, 4.1% above target. A business activity index compiled by the Guarantee Fund and the Ministry of Finance from a survey of 1,086 companies stood at 58.7 in October, up from 58.1 in April, with industrial output, construction and investment named as the main drivers.

Source: 24.kg, 9 Nov 2026

Tajikistan: banks take up only 37% of central bank liquidity offer

At the National Bank of Tajikistan's credit auction on 3 November, banks bid for 37 million somoni against 100 million offered, at a weighted average rate of 7.01%, close to the 7% refinancing rate, the regulator reported. Bids at the 29 October auction were 19.5 million somoni on the same terms. According to NBT data cited by Asia-Plus, the average interbank rate in somoni was 5.67% in September, while the average lending rate in somoni was 23.52% in January–September; banks price loans on term, credit risk and costs, so the auction rate does not set borrowing costs for firms.

Source: Asia-Plus, 10 Nov 2026